Форма 8038 Инструкции
Инструкции по форме 8038, возврат информации по освобожденным от налогов облигациям частной деятельности
Rev. February 2022
Связанные формы
- Форма 8038 - Возврат информации по освобожденным от налогов облигациям частной деятельности
Department of the Treasury
Internal Revenue Service
Instructions for Form 8038
Information Return for Tax-Exempt Private Activity Bond Issues
(Rev. February 2022)
Section references are to the Internal Revenue
Code unless otherwise noted.
2002-37 I.R.B. 531, if it is determined
that the failure to file timely is not due to
willful neglect. Type or print at the top of
the form, “Request for Relief under
section 3 of Rev. Proc. 2002-48.” Attach
to the Form 8038 a letter explaining why
Form 8038 was not filed on time. Also
indicate whether the bond issue in
question is under examination by the
IRS. Do not submit copies of the trust
indenture or other bond documents.
See Where To File next.
Arbitrage Rebate, Yield Reduction and
Penalty in Lieu of Arbitrage Rebate.
Rounding Off to Whole Dollars
Future Developments
You may show the money items on this
return as whole-dollar amounts. To
round, drop amounts under 50 cents
and increase amounts from 50 to 99
cents to the next dollar (for example,
$1.49 becomes $1 and $2.50 becomes
$3). If two or more amounts must be
added to figure the amount to enter on a
line, include cents when adding the
amounts and round off only the total.
For the latest information about
developments related to Form 8038 and
its instructions, such as legislation
enacted after they were published, go to
What’s New
The Infrastructure Investment and Jobs
Act (P.L. 117-58) added exempt facility
bonds for qualified broadband projects
and qualified carbon dioxide capture
facilities. See Exempt facility bond,
later, for more information.
Where To File
File Form 8038 and any attachments at
the following address.
Definitions
Tax-exempt bond. This is any
obligation on which the interest is
excluded from gross income under
section 103.
Taxable bond. This is any obligation
the interest on which isn’t excludable
from gross income under section 103.
Taxable bonds include tax credit bonds
and direct pay bonds.
Department of the Treasury
Internal Revenue Service Center
Ogden, UT 84201
General Instructions
Purpose of Form
Form 8038 is used by the issuers of
tax-exempt private activity bonds to
provide the IRS with the information
required by section 149 and to monitor
compliance with the requirements of
sections 141 through 150.
Private delivery services. You can
use certain private delivery services
(PDS) designated by the IRS to meet
the “timely mailing as timely filing” rule
the current list of designated services.
Private activity bond. This includes a
bond issued as part of an issue in
which:
The PDS can tell you how to get
written proof of the mailing date.
Who Must File
More than 10% of the proceeds are
to be used for any private business
use; and
•
For the IRS mailing address to use if
you're using PDS, go to IRS.gov/
Issuers must file a separate Form 8038
for each issue of the following
tax-exempt private activity bonds issued
after 1986.
More than 10% of the payment of
principal or interest of the issue is
either (a) secured by an interest in
property to be used for a private
business use (or payments for such
property), or (b) to be derived from
payments for property (or borrowed
money) used for a private business
use.
•
PDS can’t deliver items to P.O.
Exempt facility bonds.
Qualified mortgage bonds.
Qualified veterans' mortgage
bonds.
•
•
•
boxes. You must use the U.S.
!
CAUTION
Postal Service to mail any item
to an IRS P.O. box address.
Qualified small issue bonds.
Qualified student loan bonds.
Qualified redevelopment bonds.
Qualified hospital bonds.
Qualified 501(c)(3) bonds.
Nongovernmental output property
bonds.
•
•
•
•
•
•
Other Forms That May Be
Required
For tax-exempt bonds other than private
activity bonds, use Form 8038-G,
Information Return for Tax-Exempt
Governmental Bonds, or Form
It also includes a bond, the proceeds
of which (a) are to be used (directly or
indirectly) to make or finance loans
(other than loans described in section
141(c)(2)) to persons other than
governmental units, and (b) exceeds
the lesser of 5% of the proceeds or $5
million.
8038-GC, Information Return for Small
Tax-Exempt Governmental Bond
Issues, Leases, and Installment Sales.
All other tax-exempt private activity
bonds.
•
When To File
Bonds described in section 1312(c)
of the Tax Reform Act of 1986 to which
the transitional rules in section 1312 or
1313 apply are not private activity bonds
for purposes of information reporting.
Report them on Form 8038-G or Form
8038-GC.
File Form 8038 by the 15th day of the
2nd calendar month after the close of
the calendar quarter in which the bond
was issued. Form 8038 may not be filed
before the issue date and must be
completed based on the facts as of the
issue date.
Exempt facility bond. This is part of
an issue of which 95% or more of the
net proceeds are to be used to finance
an exempt facility listed in sections
142(a)(1) through (17). Exempt facility
bonds include empowerment zone
facility bonds and enterprise zone
facility bonds for use in empowerment
zones and enterprise communities,
Late filing. An issuer may be granted
an extension of time to file Form 8038
under section 3 of Rev. Proc. 2002-48,
For rebating arbitrage or paying a
penalty in lieu of arbitrage rebate to the
federal government, use Form 8038-T,
Jan 24, 2022
Cat. No. 49974V
respectively, and recovery zone facility
bonds for use in recovery zones.
general application to which the
Higher Education Act of 1965
applies (see section 144(b)(1)(A)
for additional requirements), or
and nonhospital) to provide residential
rental housing. See section 145(d).
Qualified mortgage bond. This is part
Note. Interest on any bond issued after
December 31, 2017, to advance refund
a tax-exempt bond is not excluded from
gross income.
Issue price. The issue price of bonds
is generally determined under
of an issue:
2. 95% or more of the net proceeds
are to be used to make or finance
student loans under a program of
general application approved by the
state (see section 144(b)(1)(B) for
additional requirements).
1. Of which all proceeds (except
issuance costs and reasonably
required reserves) are to be used to
finance owner-occupied
residences,
Regulations section 1.148-1(f). Thus,
when issued for cash, the issue price is
the first price at which a substantial
amount of the bonds are sold to the
public. To determine the issue price of a
bond issued for property, see sections
1273 and 1274 and the related
regulations.
2. That meets the requirements of
subsections (c) through (i) and (m)
(7) of section 143,
3. That does not meet the private
business tests of sections 141(b)(1)
and (2), and
Qualified redevelopment bond. This
is generally part of an issue of which
95% or more of the net proceeds are to
be used for one or more redevelopment
purposes in any designated blighted
area. See section 144(c) for specific
requirements.
Qualified 501(c)(3) bond. This is any
private activity bond that meets the
following conditions.
4. For which repayments of principal
on financing provided by the issue
(that are received more than 10
years after the date of issuance)
are used to redeem bonds that are
part of the issue. Amounts of less
than $250,000 need not be used to
redeem bonds under this
Note. The issue price does not include
interest from the date the bonds are
dated to the date of issue.
Issue. Generally, bonds are treated as
part of the same issue if they are issued
by the same issuer, on the same date,
and in a single transaction, or series of
related transactions. See Regulations
section 1.149(e)-1(e)(2).
Arbitrage rebate. Generally, interest
on a state or local bond is not tax
exempt unless the issuer of the bond
rebates to the United States arbitrage
profits earned from investing proceeds
of the bond in higher yielding
1. All property financed by the net
proceeds of the bond issue is to be
owned by a section 501(c)(3)
organization or a governmental unit.
requirement.
2. The bond would not be a private
activity bond if (a) section 501(c)(3)
organizations were treated as
governmental units with respect to
their activities that do not constitute
unrelated trades or businesses
(determined by applying section
513(a)); and (b) the private activity
bond definition was applied using a
5% threshold (instead of 10%) for
the private use, security, and/or
payment tests, and the activities
that constitute unrelated trades or
businesses are aggregated with
any other private use, security, or
payment and by substituting “net
proceeds” (instead of proceeds)
each place it appears.
Qualified veterans' mortgage bond.
This is part of an issue:
1. Of which 95% or more of the net
proceeds are to be used to provide
residences for veterans;
2. For which the payment of the
principal and interest is secured by
the general obligation of a state;
3. That meets the requirements of
subsections (c), (g), (i)(1), and (l) of
section 143; and
4. That does not meet the private
business tests of sections 141(b)(1)
and (2).
nonpurpose investments. See section
148(f).
Construction issue. This is an issue
of tax-exempt bonds that meets both of
the following conditions.
1. At least 75% of the available
construction proceeds are to be
used for construction expenditures
with respect to property to be
Qualified small issue bond. This is
part of an issue not exceeding $1 million
of which 95% or more of the net
proceeds are to be used to finance the
following.
owned by a governmental unit or a
section 501(c)(3) organization.
A qualified 501(c)(3) bond includes
the following.
2. All the bonds that are part of the
issue are qualified 501(c)(3) bonds,
bonds that are not private activity
bonds, or private activity bonds
issued to finance property to be
owned by a governmental unit or a
section 501(c)(3) organization.
Qualified hospital bond that is part
of an issue of which 95% or more of
the net proceeds are to be used for
a hospital. See section 145(c).
Qualified nonhospital bond that is
other than a qualified hospital bond.
In general, an organization cannot
have more than $150 million of
qualified 501(c)(3) nonhospital
bonds. However, the limit does not
apply to bonds issued after August
5, 1997, if 95% or more of the net
proceeds of the issue are to be
used solely for capital expenditures
incurred after that date. See section
145(b).
•
Land or depreciable property to be
used for manufacturing, or subject
to additional limitations, farming
purposes; or
•
•
A redemption of a prior issue of
qualified small issue bonds.
•
In lieu of rebating any arbitrage that
may be owed to the United States, the
issuer of a construction issue may make
an irrevocable election to pay a penalty.
The penalty is equal to 11/2% of the
amount of construction proceeds that
do not meet certain spending
Note. The $1 million limit can be
increased to $10 million if an election is
made to take certain capital
expenditures into account. See section
144(a)(4).
requirements. See section 148(f)(4)(C)
(vii) and the Instructions for Form
8038-T.
Qualified student loan bond. This is
part of an issue of which:
1. 90% or more of the net proceeds
are to be used to make or finance
student loans under a program of
Restrictions apply to the use of
qualified 501(c)(3) bonds (both hospital
Instructions for Form 8038 (Rev. 2-2022)
-2-
Otherwise, enter the issuer's number
and street (or P.O. box if mail is not
delivered to street address), city, town,
or post office, state, and ZIP code.
Line 11h. Bonds issued to finance
certain facilities may also qualify as
exempt facility bonds if they were (a)
permitted as exempt facility bonds
under prior law, and (b) issued under
one of the transitional rules of the Tax
Reform Act of 1986 (the 1986 Act).
Specific Instructions
Part I—Reporting Authority
Amended return. An issuer may file an
amended return to change or add to the
information reported on a previously
filed return for the same date of issue. If
you are filing to correct errors or change
a previously filed return, check the
“Amended Return” box in the heading of
the form.
The amended return must provide all
the information reported on the original
return, in addition to the new or
corrected information. Attach an
explanation of the reason for the
amended return.
Note. The address entered on lines 4
and 6 is the address the IRS will use for
all written communications regarding
the processing of this return, including
any notices.
These facilities
include...
As described in
former section...
Line 5. This line is for IRS use only. Do
A sports facility
103(b)(4)(B)
not make an entry.
A convention or trade
show facility
Line 7. The date of issue is generally
the first date on which the issuer
physically exchanges any bond
included in the issue for the
underwriter's (or other purchaser's)
funds.
Line 8. If there is no name of the issue,
please provide other identification of the
issue.
103(b)(4)(C)
103(b)(4)(D)
A parking facility
A pollution control facility 103(b)(4)(F)
A hydroelectric facility
An industrial park
103(b)(4)(H)
103(b)(5)
Line 1. The issuer's name is the name
of the entity issuing the bonds, not the
name of the entity receiving the benefit
of the financing.
Line 9. Enter the CUSIP (Committee on
Uniform Securities Identification
If one of the above applies, indicate
the facility type and then give the
specific provision of the 1986 Act
pertaining to the facility on line 11h.
Line 11i. Enter the issue price if the
bonds are part of any issue 95% or
more of the net proceeds of which are to
be used to provide any enterprise zone
facility in an empowerment zone or
enterprise community. See section
1394.
Line 11j. Enter the issue price if the
bonds are (a) issued after August 5,
1997, and (b) part of any issue 95% or
more of the net proceeds of which are to
be used to provide any empowerment
zone facility. See section 1394(f).
The updated information on the
designated urban empowerment zones
designated rural empowerment zones,
Line 2. An issuer that does not have an
employer identification number (EIN)
should apply online by visiting the IRS
Procedures) number of the bond with
the latest maturity. If the issue does not
have a CUSIP number, write “None.”
organization may also apply for an EIN
by faxing or mailing Form SS-4 to the
IRS.
Line 10a. Enter the name and title of
the officer or other employee of the
issuer whom the IRS may call for more
information. If the issuer wishes to
designate a person other than an officer
or other employee of the issuer
Line 3a. If the issuer wishes to
authorize a person other than an officer
or other employee of the issuer
(including a legal representative or paid
preparer) to communicate with the IRS
and whom the IRS may contact with
respect to this return (including in writing
or by telephone), enter the name of
such person here. The person listed in
line 3a must be an individual. Do not
enter the name and title of an officer or
other employee of the issuer here (use
line 10a for that purpose).
(including a legal representative or paid
preparer) whom the IRS may call for
more information with respect to the
return, enter the name, title, and
telephone number of such person on
lines 3a and 3b.
Complete lines 10a and 10b
even if you complete lines 3a
!
CAUTION
and 3b.
Note. By authorizing a person other
than an authorized officer or other
employee of the issuer to communicate
with the IRS and whom the IRS may
contact with respect to this return, the
issuer authorizes the IRS to
Part II—Type of Issue
Elections referred to in Part II
Line 11q. On the space provided, enter
the facility type, if applicable, and enter
the issue price of the bonds in the issue
price column.
are made on the original bond
!
CAUTION
documents, not on this form.
You must identify the type of bonds
issued by entering the issue price in the
box corresponding to the type of bond
(see Issue price under Definitions,
earlier). Also enter information on
line 20b, Reissuance, if applicable.
communicate directly with the individual
entered on line 3a and consents to
disclose the issuer's return information
to that individual, as necessary, in order
to process this return.
Lines 4 and 6. If you listed in line 3a a
person other than an officer or other
employee of the issuer (including a legal
representative or paid preparer) to
communicate with the IRS and whom
the IRS may contact with respect to this
return, enter the number and street (or
P.O. box if mail is not delivered to street
address), city, town, or post office,
state, and ZIP code of that person.
Line 11f. After entering the issue price,
check the appropriate box for the
percentage test elected by the issuer at
the time of issuance of the bonds. Then,
check the appropriate box to show
whether an election was made for deep
rent skewing. See Rev. Rul. 94-57,
1994-2 C.B. 5, for guidance on figuring
the income limits applicable to these
bonds.
Instructions for Form 8038 (Rev. 2-2022)
-3-
August 5, 1997, if 95% or more of the
net proceeds are used solely for capital
expenditures incurred after that date.
purchase price, including accrued
interest. See Regulations section
1.148-4 for specific rules to figure the
yield on an issue. If the issue is a
variable rate issue, write “VR” as the
yield of the issue. For other than
variable rate issues, carry the yield out
to four decimal places (for example,
5.3125%).
As described
in section...
Facility types include...
Environmental
Line 19. Enter the issue price if the
bonds are used to acquire
enhancements of
hydroelectric generating
facilities
142(a)(12) and
142(j)
nongovernmental output property,
which is property used by a
High-speed intercity rail
facilities*
142(a)(11),
142(c), and
142(i)
nongovernmental person in connection
with an output facility (such as an
electric or gas power project).
Part IV—Uses of Proceeds of
Issue
Line 22. Enter the amount of proceeds
that will be used to pay interest on the
issue accruing prior to the date of issue.
For definition of date of issue, see these
instructions, line 7.
Line 24. Enter the amount of the
proceeds that will be used to pay bond
issuance costs, including fees for
trustees and bond counsel. If no bond
proceeds have been used to pay bond
issuance costs, enter zero. Do not leave
this line blank.
*Note. Proceeds of an exempt facility bond may not
be used for this type of facility if there is a
nongovernmental owner of the facility unless that
owner makes an irrevocable election not to claim (1)
depreciation under section 167 or 168, or (2) any
credit against its income tax with respect to the
property financed with the net proceeds of the issue.
Line 20a. For IRS use only. Do not
make an entry.
Line 20b. If the Form 8038 is filed
because the bonds are treated as
reissued (i) pursuant to Regulations
section 1.141-12 or other applicable
authority concerning remedial actions,
or (ii) because of a significant
Line 12b. This line is for IRS use only.
modification described in Regulations
section 1.1001-3 or other applicable
authority, complete line 20b,
Do not make an entry.
Line 13. Check the box if the issuer
has elected, in the bond indenture or
related document, to pay to the United
States the amount described in section
143(g)(3)(D).
Line 14. Enter the issue price if the
bond issue is an exempt issue of $10
million or less for which an election
under section 144(a)(4) has been made
by the issuer at or before the time of
issuance on the bonds or in its records.
See section 144(a). Check the box if the
$10 million small issue exemption
applies.
Line 17. Attach a schedule listing the
name and EIN for each section 501(c)
(3) organization benefiting from these
qualified hospital bonds.
Line 18. Enter the total amount of
qualified nonhospital bonds described
in section 145(b)(2) that are a part of
this issue. For each section 501(c)(3)
organization benefiting from these
qualified nonhospital bonds, attach a
schedule listing:
Reissuance, by writing a description of
the original type of issue (for example,
tax-exempt governmental bonds,
qualified 501(c)(3) bonds, Build America
bonds, qualified energy conservation
bonds, exempt facility bonds, qualified
small issue bonds, etc.) in the space
provided and entering the amount of
bonds treated as reissued in the issue
price column.
Line 25. Enter the amount of the
proceeds that will be used to pay fees
for credit enhancement that are taken
into account in determining the yield on
the issue for purposes of section 148(h)
(for example, bond insurance premiums
and certain fees for letters of credit).
Line 26. Enter the amount of the
proceeds that will be allocated to such a
fund.
Line 27. Enter the amount of the
proceeds that will be used to pay
principal, interest, or call premium on
any tax-exempt bonds, including
proceeds that will be used to fund an
escrow account for this purpose.
Line 28. Enter the amount of the
proceeds that will be used to pay
principal, interest, or call premium on
any taxable bonds, including proceeds
that will be used to fund an escrow
account for this purpose.
Line 20c. Enter the issue price only if
none of the lines above apply and you
are required to file an information return
for a private activity bond. Enter a
description of the bond type.
Part III—Description of Bonds
Line 21. For column (a), the final
maturity date is the last date the issuer
must redeem the entire issue.
For column (b), see Issue price under
Definitions, earlier.
For column (c), the stated
redemption price at maturity of the
entire issue is the sum of the stated
redemption prices at maturity of each
bond issued as part of the issue.
1. The name of the organization;
2. Its EIN;
Part V—Description of Property
Financed
Line 31. Enter the amount of
For column (d), the weighted average
maturity is the sum of the products of
the issue price of each maturity and the
number of years to maturity (determined
separately for each maturity and by
taking into account mandatory
3. The amount of this issue of bonds
benefiting the organization; and
nonrefunding proceeds used to finance
real and depreciable personal property
and if the bonds are qualified 501(c)(3)
bonds, the proceeds used to refund
taxable bonds used to finance real and
depreciable property. If the amounts are
not available at the time of issuance,
make a reasonable proration between
the land, buildings, and equipment.
4. If the box for line 18 is not checked,
the amount of all other nonhospital
bonds outstanding as of the date of
this issue that benefit the
redemptions), divided by the issue price
of the entire issue (from line 21, column
(b)).
organization.
Note. The amount in item 4 above plus
line 18 cannot exceed $150 million with
respect to bonds issued (a) prior to
August 6, 1997, and (b) after August 5,
1997, if used for noncapital
For column (e), the yield, as defined
in section 148(h), is the discount rate
that, when used to figure the present
value of all payments of principal and
interest to be paid on the bond,
Note. Under section 147(c), a private
activity bond is not a qualified bond if
25% or more of the proceeds are used
expenditures. The $150 million limit
does not apply to bonds issued after
produces an amount equal to the
Instructions for Form 8038 (Rev. 2-2022)
-4-
for the acquisition of land or if any of the
proceeds are used to acquire farm land
(other than an amount of proceeds not
in excess of $450,000 to be used by a
first-time farmer). An exception to this
general rule is for land acquired for
certain environmental purposes. See
section 147(c)(3). Also, a bond is not a
qualified bond if the proceeds are used
for the acquisition of used property
(other than land), except in the case of
certain rehabilitations. See section
147(d).
For items that do not readily fit within
categories 31a, b, c, or d, enter the
amount of those proceeds in category
31e, Other, and briefly describe them on
the line.
Line 32. For each project to be
financed with proceeds entered on
line 31a, b, c, d, or e, enter the
corresponding:
Regulations to ensure that all
Part VII—Miscellaneous
nonqualified bonds of this issue are
remediated and the issuer has
Line 37. Under the rules of section
147(f), private activity bonds are not tax
exempt unless they receive public
approval by certain officials or voter
referendums. Enter the name of the
governmental unit(s) approving the
issue. Enter also the date of approval by
the applicable elected representatives
and the date of the public hearing. In the
alternative, enter the date of the voter
referendum.
established written procedures to
comply with such remedial provisions,
check the box. For example, remedial
provisions under Regulations section
1.142-2 apply to exempt facility bonds;
Regulations section 1.144-2 applies
section 1.142-2 to qualified small issue
bonds; Regulations section 1.145-2
applies section 1.141-12 to qualified
501(c)(3) bonds; and section 142(f)(2)
(B) applies to bonds issued to finance
facilities for the local furnishing of
electric energy or gas.
If, under the rules of section 147(f),
no approval is needed because the
issue meets an exception to the public
approval requirement, write “No
Line 44. Check the box if the issuer
has established written procedures to
monitor compliance with the arbitrage,
yield restriction, and rebate
approval needed” on line 37. Also enter
on line 37 the provision of section 147(f)
under which the issue is excepted (for
example, “section 147(f)(2)(D)”), or if
under any transitional rule, write
requirements of section 148.
Line 45a. Determine and enter the
amount of the proceeds of the issue
used to reimburse the issuer for
amounts paid for a qualified purpose
prior to the issuance of the bonds. See
Regulations section 1.150-2.
Line 45b. Subject to certain exceptions
under Regulations section 1.150-2(f), an
issuer must adopt an official intent, as
described in Regulations section
1.150-2(e), to reimburse itself for
preissuance expenditures within 60
days after payment of the original
expenditure. Enter the date the official
intent was adopted.
“Transitional rule” and the applicable
Act (for example, “Tax Reform Act of
1986”) and section.
Six-digit North American Industry
Classification System (NAICS) code
that best describes the project, and
Face amount of the project.
•
Line 39. Check this box if the issue is a
construction issue and an irrevocable
election to pay a penalty in lieu of
•
If there are more than four projects to
be financed by the issue, attach a
separate sheet of paper stating the
NAICS codes and face amount of each
project.
arbitrage rebate has been made on or
before the date the bonds were issued.
The penalty is payable with a Form
8038-T for each 6-month period after
the date the bonds are issued. Do not
make any payment of penalty in lieu of
arbitrage rebate with this form. See Rev.
Proc. 92-22, 1992-1 C.B. 736, for rules
regarding the “election document.”
For the purpose of determining
NAICS codes where the project fits into
more than one category, the ultimate
use of the facility determines the NAICS
code number. For example, an
investment partnership financing a
manufacturing facility should use the
relevant manufacturing NAICS code,
not the partnership's financial activities
code.
Line 46. Check this box if:
Line 40a. Check this box if the issuer
has identified a hedge on its books and
records in accordance with Regulations
sections 1.148-4(h)(2)(viii) and
The issue is
comprised of...
As described in
section...
1.148-4(h)(5) that permit an issuer of
tax-exempt bonds to identify a hedge for
it to be included in yield calculations for
figuring arbitrage.
The NAICS codes are available on
the U.S. Census Bureau website at
Qualified
redevelopment bonds 144(c)
Qualified small issue
Part VI—Description of
Refunded Bonds
Line 41. In determining if the issuer has
super-integrated a hedge, apply the
rules of Regulations section 1.148-4(h)
(4). If the hedge is super-integrated,
check the box.
bonds
144(a)
Complete this part only if the bonds are
to be used to refund a prior issue of
tax-exempt bonds or taxable bonds.
Exempt facilities
bonds
142(a)(4) through
142(a)(11), 142(a)(13)
through 142(a)(17),
1394, and 1400U-3
Line 42a. If any portion of the gross
proceeds of the issue are or will be
invested in a guaranteed investment
contract (GIC), as defined in
Lines 33 and 34. The remaining
weighted average maturity is
determined without regard to the
refunding. The weighted average
maturity is determined in the same
manner as for line 21, column (d).
If one of the above applies, then
enter the name and EIN of the primary
private user. A “primary private user” is
the nongovernmental entity that meets
the private business tests of section
141(b) or private loan financing test of
section 141(c).
Regulations section 1.148-1(b), enter
the amount of the gross proceeds so
invested.
Line 35. Enter the last date on which
any of the bonds being refunded will be
called.
Line 36. If more than a single issue of
tax-exempt bonds or taxable bonds will
be refunded, enter the date of issue for
each refunded issue.
Line 42b. Enter the final maturity date
of the GIC.
Line 42c. Enter the name of the GIC
Part VIII—Volume Caps
Line 47. Enter the amount of volume
cap allocated to the issuer. Attach a
copy of the state certification, if
provider.
Line 43. If there are applicable
provisions under either the Code or
Instructions for Form 8038 (Rev. 2-2022)
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applicable. The appropriate state official
must certify that the issue meets the
requirements of section 146 (relating to
volume cap on private activity bonds).
See the regulations under section
149(e). The certification must also
include the information requested by
lines 1, 2, and 7 through 9 on page 1 of
Form 8038, as well as the title of the
certifying official.
Failure to attach the certification with
the information described in the
paragraph above may result in a delay
in processing this form.
dioxide capture facilities are not
include the information requested by
subject to the volume cap; however, lines 1, 2, and 7 through 9 on page 1 of
for high-speed intercity rail facilities
and qualified broadband projects,
no volume cap applies if all the
bond-financed property is
Form 8038, as well as the title of the
certifying official.
Signature and Consent
An authorized representative of the
issuer must sign Form 8038 and any
applicable certification. Also print the
name and title of the person signing
Form 8038. The authorized
governmentally owned. See
sections 146(g) and 142(b)(1)(B).
Line 49b. If any part of the issue is
issued under a carryforward election,
enter the amount of the bonds being
issued under that election. Attach a
copy of the applicable Form 8328,
Carryforward Election of Unused Private
Activity Bond Volume Cap.
Line 49c. If any part of the issue is not
subject to the volume cap under a
transitional rule of the Tax Reform Act of
1986, enter the appropriate section of
the Act and then the amount of the
bonds excepted from the volume cap by
that rule.
Line 49d. Any bond that is issued to
currently refund another bond is not
subject to the volume cap to the extent
that the amount of such bond does not
exceed the outstanding amount of the
refunded bond. See section 146(i) and
section 1313(a) of the Tax Reform Act
of 1986. Enter the amount not subject to
the volume cap. Also enter the amount
issued to currently refund another bond
pursuant to authority provided in Notice
2019-39, 2019-24 I.R.B. 1322, Current
Refundings for Certain Targeted State,
Local, and Indian Tribal Government
Bond Programs.
representative of the issuer signing this
form must have the authority to consent
to the disclosure of the issuer's return
information, as necessary to process
this return, to the person(s) that has
been designated in Form 8038.
Line 48. Enter the amount of the issue
subject to the unified state volume cap
for private activity bonds under section
146. If, under section 141(b)(5), the
nonqualified amount of an issue
exceeds $15 million, but does not
exceed the amount that would cause a
bond which is part of an issue to be
treated as a private activity bond, the
issuer must allocate a part of its volume
cap to the nonqualified amount over $15
million. Include amounts subject to
volume cap under section 146(g)(4), (5),
and (6). However, for high-speed
intercity rail facilities and qualified
broadband projects, if all the
Note. If the issuer in Part I, lines 3a and
3b, authorizes the IRS to communicate
(including in writing and by telephone)
with a person other than an officer or
other employee of the issuer, by signing
this form, the issuer's authorized
representative consents to the
disclosure of the issuer's return
information, as necessary to process
this return, to such person.
Paid Preparer
If an authorized officer of the issuer filled
in this return, the paid preparer's space
should remain blank. Anyone who
prepares the return but does not charge
the organization should not sign the
return. Certain others who prepare the
return should not sign. For example, a
regular, full-time employee of the issuer,
such as a clerk, secretary, etc., should
not sign.
bond-financed property is
governmentally owned, no volume cap
applies. See sections 146(g) and 142(b)
(1)(B).
Line 49. This line is for the IRS use
only. Do not make an entry.
Line 49a. Enter the amount of any
bond issued as part of an issue to
finance exempt facilities that are not
subject to the unified state volume cap.
These facilities include the following.
Line 50b. Enter the state limit on
qualified veterans' mortgage bonds for
the calendar year under section 143(l)
(3).
Generally, anyone who is paid to
prepare a return must sign it and fill in
the other blanks in the Paid Preparer
Use Only area of the return. The paid
preparer must:
Airports.
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•
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•
Line 51a. Enter the amount of volume
cap allocated to the issuer. Attach a
copy of the government's certification.
The official must certify that the issue
meets the requirements, including the
applicable volume cap under section
1394(f). The certification must also
include the information requested by
lines 1, 2, and 7 through 9 on page 1 of
Form 8038, as well as the title of the
certifying official.
Docks.
Wharves.
Environmental enhancements of
hydroelectric generating facilities.
Qualified public educational
facilities.
Sign the return in the space
provided for the preparer's
signature,
•
•
•
•
•
Enter the preparer information, and
Give a copy of the return to the
issuer.
•
•
Qualified green building and
sustainable design projects.
Qualified highway or surface freight
transfer facilities.
Paperwork Reduction Act Notice.
We ask for the information on this form
to carry out the Internal Revenue laws of
the United States. You are required to
give us the information. We need it to
ensure that you are complying with
these laws and to allow us to figure and
collect the right amount of tax.
Solid waste facilities.
Note. These facilities may have to
be governmentally owned. See
section 146(h) and section 142(b)
(1).
Line 51b. Enter the name of the
empowerment zone. See the
instructions for line 11j on where to get
the names of the empowerment zones.
High-speed intercity rail facilities.
Qualified broadband projects.
Qualified carbon dioxide capture
facilities.
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•
•
Line 52. Enter the amount of volume
cap allocated to the issuer. Attach a
copy of the state certification, if
You are not required to provide the
information requested on a form that is
subject to the Paperwork Reduction Act
unless the form displays a valid OMB
control number. Books or records
applicable. The appropriate state official
must certify that the issue meets the
volume cap requirements of section
142(k)(5). The certification must also
Note. Only 75% of any exempt
facility bond for high-speed intercity
rail facilities, qualified broadband
projects, and qualified carbon
Instructions for Form 8038 (Rev. 2-2022)
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relating to a form or its instructions must
be retained as long as their contents
may become material in the
burden for tax-exempt organizations
filing this form is approved under OMB
control number 1545-0047 and is
Internal Revenue Service
Tax Forms and Publications
1111 Constitution Ave. NW,
IR-6526
administration of any Internal Revenue
law. Generally, tax returns and return
information are confidential, as required
by section 6103.
included in the estimates shown in the
instructions for their information return.
Washington, DC 20224
If you have suggestions for making
Do not send Form 8038 to this address.
Instead, see Where To File, earlier.
this form simpler, we would be happy to
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comments through IRS.gov/
Instructions for Form 8038 (Rev. 2-2022)
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